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Can you please help me solve the following question using the template below as to how it affects the Balance Sheet and/or Income Statement. On

Can you please help me solve the following question using the template below as to how it affects the Balance Sheet and/or Income Statement.

On 8/1/20, the Astros signed up for batting lessons; the monthly fee for lessons is $400. World Series Inc. received $2,400 in cash (in advance from the Astros) for these lessons.

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